According to Dan Held, head of growth at Kraken, bitcoin is currently going through a super cycle that could take it to $1 million.
According to Held, this market cycle is fundamentally different from the previous one. It’s a case in a hundred years, he said, citing the coronavirus crisis, growing distrust of financial institutions and the printing of money by central banks as catalysts for the current cryptocurrency market.
People no longer settle for speculative shopping. People buy it because they see the value of bitcoin, he explained.
Held also believes that once bitcoin reaches its full potential as digital gold, it will challenge governments’ monopoly on currency.
Bitcoin undermines all their power and authority by taking money out of their possession, he said.
At that point, governments will see crypto as a threat and fight it in what Hero describes as a mass crypto extinction. According to Held, altcoins will not be able to survive such an attack because most of them are softening their resistance to censorship and decentralized ownership to increase their bandwidth. However, Bitcoin is specifically designed to resist such censorship.
Satoshi built the blockchain to build bitcoin, and he built it to be an incredibly robust tool against governments, Held said.
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